Wednesday afternoon, the Fed released the minutes of its meeting. As has been its tradition, like eggnog at Christmas and hot dogs at baseball games, the market sold off. Another recent tradition is that there is follow through the next morning as well. We were not disappointed by a lack of presents under the tree this time – the markets opened lower.
The market opened at its lows – SPX 3354.69 (-20.16). After the first 30 minutes, the market slowly climbed its way back to near the unchanged line of 3375. We sat in suspended animation all day hugging the unchanged line until the last 2 hours of trading. Despite AAPL and TSLA moving higher and higher, the market sat quietly ignoring the two leaders.
The last two hours saw the market then start to climb, albeit slowly. The adage “never sell a dull market” certainly held weight yesterday. Near the close, the SPX made its way above the previous 3383 resistance line, and got up to 3390.80. This was very close to the previous all-time highs set last February before the corona changed our lives.
The last few minutes brought some sellers. Why not sell the all-time highs? The SPX settled at 3385.61 (+10.66). AAPL was also higher by $10 points, but at 473.10, it is a much smaller share price. TESLA is a beast closing at 2001.83, another 6.56% higher. AAPL is now a $2 trillion company.
Remember just a couple of years ago, people were questioning if it could be a $1 trillion company? With all the innovation of different size screens for their phones (lol), it was inevitable. Imagine if they actually came out with a new product since Steve Jobs died.